Sell Silver Mini Aug Fut at 84550-84575 SL 85325 Target 83300 - HDFC Securities
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GLOBAL MARKET ROUND UP
* During the Asian trading hours on Thursday, gold held steady above the $2500 level and fluctuated within a narrow range as traders anticipated Federal Reserve Chair Jerome Powell's speech on Friday.
* Fed minutes showed a “vast majority” of officials considered a rate cut next month as likely appropriate, with some noting the risk of a more serious labor market deterioration. Swap traders are pricing in about 100 bps of cuts in 2024. US futures advanced.
* Crude oil settled on Wednesday to its lowest close since January, as concerns about a US slowdown outweighed the lift from falling inventories. In addition to this, momentum-driven trading has exacerbated a recent selloff that pushed prices down more than 5% in the last three sessions. Progress toward a ceasefire in the Middle East has also weighed on crude futures in recent days.
* Following fresh supply concerns from China, zinc surged to a five-week high. China's largest zinc smelters pledged to cut their concentrate intake to stem deepening losses on refining the metal, a measure that's likely to further reduce production at the world's top supplier.
* Meanwhile, aluminum halted its longest run of daily gains in more than three years as traders stepped back from a rally fueled by improved optimism for global growth. Most other industrial metals rose.
Trading Range: : 71180 to 72300
Intraday Trading Strategy: Sell Gold Oct. at 71750- 71780 SL 72025 Target 71350
Silver
Trading Range: 83350 to 85100
Intraday Trading Strategy: Sell Silver Mini Aug Fut at 84550-84575 SL 85325 Target 83300
Crude Oil
Trading Range: 5975 to 6180
Intraday Trading Strategy: Sell Crude Oil Sep Fut 6105 SL 6180 Target 5980
Natural Gas
Trading Range: 175-194
Intraday Trading Strategy: Buy Natural Gas Aug Fut at 180 SL 175.80 Target 188/194
Copper
Trading Range: 794 to 814
Intraday Trading Strategy: Buy Copper Aug Fut above 808 SL 803.80 Target 814
Zinc
Trading Range: 261-275
Intraday Trading Strategy: Buy Zinc Aug Fut at 265.50 SL 263.80 Target 269
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